Abstract
This paper utilizes a monetary policy reaction function that relates policy intentions to forecasts of policy objectives. Estimates of this reaction function over the post-Accord period suggest that the Burns period was unique. While the Martin and Volcker periods were extremely similar, the Burns period was structurally distinct from both the Martin and Volcker periods. Further, model specifications that allow for an independent influence on monetary policy from different presidential administrations also imply that there are significant differences in monetary policy under different Fed chairmen. Copyright 1990 by Ohio State University Press.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
